New Delhi, Sept. 17 -- Shares of Happy Forgings Limited were trading lower on Thursday, after seeing strong gains in the previous sessions. The Punjab-headquartered company is likely to record double digit revenue growth in the next two financial years driven by new order wins, higher realisations, improving mix and operating leverage.

The stock has delivered around 85.67% return in 2026 so far and around 120% return in one year. Brokerage, Motilal Oswal sees an 18% upside in Happy Forgings stock.

The industrials segment remains a key growth driver for the firm, whereas PV mix is on track to reach 14% of the mix in a couple of years. The outlook for HFL's core segment, domestic tractors has also improved following the GST rate cuts anno...